According to Jim Nill, the NHL`s general manager of the year, this year`s free agent frenzy didn`t feel particularly chaotic.
“We knew entering this period that the free agent pool wasn`t very deep,” stated Nill, who works for the Dallas Stars. “The salary cap has seen a significant increase, which allows teams to retain their existing players. That`s a crucial factor.”
For NHL teams, that was one important lesson. Here are four key insights we gained as free agency commenced this week.
Higher Salary Cap, More Incentive for Players to Stay Put
Normally, NHL teams are pressed tight against the salary cap limit. This offseason, in stark contrast, felt financially spacious.
The NHL and NHLPA announced in January that the upper limit for the 2025-26 salary cap would rise to $95.5 million, a substantial jump of $7.5 million from the previous season`s $88 million cap. This financial comfort didn`t stop there, as the NHL also provided cap projections for 2026-27 ($104 million) and 2027-28 ($113.5 million), with potential for further increases based on revenue growth.
NHL commissioner Gary Bettman employed a smart labor strategy, easing player frustrations by demonstrating the potential salary increases available under the current system if maintained. This also empowered teams to spend more aggressively to enhance their rosters under a growing cap.
However, instead of fueling a free agent rush, this increased financial flexibility enabled more players to remain with their current clubs:
- The Florida Panthers successfully retained their key free agents: Sam Bennett, Brad Marchand, and Aaron Ekblad.
- The Columbus Blue Jackets signed Ivan Provorov to a seven-year contract with an $8.5 million average annual value.
- Brock Boeser, a highly sought-after scoring winger on the market, signed a seven-year deal to stay with Vancouver, despite previous indications he might leave.
- Veteran scorers like Claude Giroux (Ottawa Senators), John Tavares (Toronto Maple Leafs), Matt Duchene (Dallas Stars), and Brock Nelson (Colorado Avalanche) all chose to stay with their respective teams.
- Key defensemen such as Jakob Chychrun (Washington Capitals) and Neal Pionk (Winnipeg Jets) agreed to new deals months ago, avoiding free agency altogether.
- While K`Andre Miller and Noah Dobson were traded, many restricted free agents who could have been targets for offer sheets re-signed with their teams, including Evan Bouchard (Edmonton Oilers), Matthew Knies (Toronto), Logan Stankoven (Carolina Hurricanes), Morgan Geekie (Boston Bruins), Martin Fehervary (Washington) and Alexander Romanov (New York Islanders).
“What we`ve observed in the past 48 hours is the sheer number of players who re-signed with their own teams and didn`t even become free agents,” noted Columbus GM Don Waddell.
The free agent pool was already expected to be limited this summer. The large number of talented players opting to stay with their clubs made the market particularly thin for teams needing specific positions.
“I know everyone is talking about second-line centers. By my estimate, probably 27 teams are searching for them,” said Toronto GM Brad Treliving. “The teams that have them aren`t eager to give them up quickly.”
One motivation for teams to engage in free agency is to alter their roster composition. But San Jose Sharks GM Mike Grier pointed out that with the additional salary cap space, more teams preferred to sign players they were already familiar with rather than taking chances on unknown quantities.
“I`m not sure if it`s accurate to say teams deliberately went out of their way to sign their own players, but with everyone having slightly more money, the market might indicate that locking up a player you know is better than overspending on someone you don`t,” he commented.
Still, some players embraced the opportunity for a change of scenery: Mikael Granlund joined the Anaheim Ducks on a three-year, $21 million deal; Vladislav Gavrikov signed with the New York Rangers for seven years and $49 million; and, notably, Mitch Marner moved from Toronto to the Vegas Golden Knights for $96 million.
Every offseason, teams face the reality of NHL free agency: players are often reluctant to leave because their lives and roots (“their stuff”) are established. Now, thanks to the soaring NHL salary cap, this challenge is amplified: not only is their life there, but teams possess the financial means to keep them.
“Speaking with other managers, there wasn`t as much financial strain in terms of available cap space,” Treliving explained. “With the cap increasing, everyone had more room to retain their own players.”
The NHL`s Tampering Issue? Not Enough Teams Use It for Influence
Attempting to strictly enforce tampering rules before NHL free agency begins is a nearly impossible task. It`s not just that people involved in hockey connect everywhere in the offseason—at the scouting combine, in social settings, etc.—but defining “tampering” in a way the NHL actively enforces is difficult. It`s somewhat like cap circumvention: they seem to identify transgressions when they feel they`ve gone too far.
When Ottawa owner Michael Andlauer accused the Rangers of “soft tampering” because the New York Post speculated they might pursue Brady Tkachuk? The NHL didn`t react.
When Vancouver Canucks GM Jim Benning openly discussed acquiring players already under contract, like Steven Stamkos in 2016? NHL deputy commissioner Bill Daly fined him $50,000.
Bill Daly has traditionally handled potential tampering issues for the NHL. At a 2024 general managers meeting, Daly gave a presentation reminding GMs about the rules regarding communication with pending free agents and players under contract. Reports indicated that potential penalties for tampering, ranging from a $5 million fine for a team and $1 million for an executive, plus possible forfeiture of draft picks and suspensions, were part of this refresher.
The reason for the reminder: Daly was reportedly unhappy with “some media comments around July 1 suggesting there might have been contact and negotiation before July 1.”
In the summer of 2024, we saw situations like Tyler Bertuzzi telling the media that Chicago Blackhawks captain Nick Foligno called him the day before free agency to inform him of their interest in signing him. Chicago GM Kyle Davidson commented: “We don`t ask them to do these things, but Nick cares. He knows many people, he loves the team, and he wants to help move things forward.”
So, essentially, tampering happened…
The subject of tampering surfaced again this week concerning Maple Leafs star Marner`s impending free agency. Marner, 28, arrived in Vegas via a sign-and-trade deal with the Maple Leafs just before free agency officially opened. The Golden Knights sent center Nicolas Roy to the Leafs, who then signed Marner to an eight-year, $96 million contract with a $12 million annual cap hit before trading him to Vegas.
Speculation about Marner playing for the Golden Knights had circulated for weeks. According to Marner, the idea originated at the NHL trade deadline when Vegas attempted to acquire him in a three-way deal that ultimately failed. Marner stated that this was the first time he seriously considered Vegas as a long-term home for his family. Upon hearing that Vegas and Toronto were discussing a trade, Marner decided to forgo the free agent bidding process to commit to Vegas, wanting to “not miss that chance.”
However, journalist Elliotte Friedman mentioned on his podcast last week that there was talk around the NHL that “the Maple Leafs might accuse Vegas of tampering” with Marner. Teams were already cautious following Daly`s comments. The idea was, according to Friedman, that the league might want to use a team accused of tampering as an example.
“If they make a deal with Toronto and send a good player to Toronto, I`d bet any chance of the Maple Leafs filing for tampering disappears,” Friedman remarked.
Roy is indeed a valuable player, addressing a need for Toronto at center.
Treliving chose not to comment on the tampering speculation. Vegas GM Kelly McCrimmon wasn`t directly questioned about it during his press conference but made several statements that seemed to respond to the accusation, including:
- Trade discussions at the deadline were “initiated by Toronto.”
- The sign-and-trade was executed to secure an eighth year on Marner`s contract; otherwise, his average annual value on a seven-year, $96 million deal would have been $13.7 million. “That significantly affects our ability to add the player to our team,” he explained.
- The trade allowed them to engage in communication with Marner`s representatives. “We wanted to establish a direct relationship with his representatives to work on a contract,” he stated.
- He described misinformation regarding his team around free agency as rampant and lacking credibility, calling it “shameful, honestly.”
Assuming no further action is taken, the “tampering” situation involving Marner will likely become another part of NHL folklore, perhaps mentioned when Roy performs well for Toronto or when Vegas feels his absence.
This scenario, hypothetically, suggests a method for the NHL to curb tampering: allowing teams to police each other. Using the threat of punishment to facilitate sign-and-trade deals or other transactions to make issues “go away” might be a cleaner approach than the NHL trying to define exactly how much tampering is too much. Of course, this is until Daly potentially needs to address general managers about concepts like extortion and blackmail.
The Panthers Have Maintained Their Dynasty — and Played Defense
Next season, the Panthers will attempt something no club since the Islanders in the early 1980s has achieved: reaching a fourth consecutive Stanley Cup Final and winning a third straight Stanley Cup.
That they plan to do so with core players like center Sam Bennett, defenseman Aaron Ekblad, and winger Brad Marchand—despite all three having the opportunity to test unrestricted free agency for the first time—is managerially remarkable and competitively frustrating for other teams.
GM Bill Zito was confident he could re-sign Bennett, who won the Conn Smythe Trophy as playoff MVP; Ekblad, a highly sought-after top-pairing right-shot defenseman; and Marchand, the veteran star who delivered the best performance of his career in the Stanley Cup Final.
However, there were theories why any of them might leave. Bennett could have commanded a massive contract as a second-line center, a position many contenders needed. Ekblad would enter a free agent market lacking players with his particular skillset and reputation. Marchand was rumored to potentially receive $10 million annually from teams like Toronto or Utah for his scoring, leadership, and intangible qualities.
But in the end, Zito`s confidence was justified: all three remain integral parts of the Panthers` formidable core.
Bennett was the first to sign, agreeing to an eight-year, $64 million deal. Ekblad followed with an eight-year, $48.8 million contract. Marchand then signed for six years, keeping him with the Panthers until age 43, for $31.5 million.
“I didn`t do anything. It was entirely them. There`s absolutely no ambiguity. This was 100 percent about those players wanting to be part of something they built,” Zito remarked. “We`ve often praised the team`s culture and the community they`ve become, and this is a strong testament to what it means to them.”
Bennett expressed comfort with the financial terms, but emphasized that money doesn`t guarantee happiness. “There were times earlier in my career I didn`t enjoy it as much, and I certainly appreciate it now,” he said. “Being in South Florida has truly transformed my life, and I love playing hockey and living there. It`s genuinely the ideal situation. So, I couldn`t pass up the opportunity to be back here for another eight years.”
Ekblad was drafted first overall by the Panthers in 2014 and always desired to stay. His negotiation with Zito involved some back-and-forth. “Both sides were negotiating firmly at different points, and sometimes you felt you were drifting further apart or getting closer,” he commented, “but ultimately, we reached the right agreement that worked well for both parties.”
Zito also played a strategic defensive game. By signing Bennett, no other team acquired a prime, playoff-proven MVP center. Ekblad won`t be anchoring the defense for rivals like Carolina or Dallas. Toronto, it seemed, was reserving cap space to potentially pursue Marchand, who grew up a Maple Leafs fan. The Panthers themselves acknowledged that last year`s Toronto team was one of the toughest they had faced in the playoffs in years. What impact could adding Marchand`s skill—and removing Florida`s key playoff adversary from a divisional rival—have had?
However, Treliving didn`t hold out much hope of luring any of them away from Florida.
“We aren`t privy to their meetings, but from an outsider`s perspective, the expectation was that those players would remain,” he stated.
And they are back, ready for several more pushes for the Stanley Cup, on a roster filled with elite talent fitting snugly under the salary cap. Inevitably, discussions about the Panthers bring up one of the most common debates in the NHL: the advantage teams in states without income tax hold over others.
Zito has addressed this before, calling the advantage “marginal at best” for the Panthers, attributing their success more to the team`s ownership and how players are treated.
“They know that if the chicken served isn`t right, we`ll get new chicken. It`s a philosophy that extends to everything we do,” he said, drawing laughter. “It might sound trivial, but it`s true and tangible. The weather is pleasant. It`s a great environment to live in. It`s suitable for families and singles alike. It offers something for everyone. But many players who have joined us have had career-best years, which is a testament to the coaches and players in the locker room.”
Dallas GM Jim Nill`s state also lacks an income tax.
“Are there some advantages? Yes, but every city has unique benefits. Ultimately, success is the key factor; it`s what first opens the door when talking to players,” he said. “When the money is comparable, players prioritize winning. That`s what`s important.
“For 10-12 years, nobody wanted to go to Florida. Dallas, 15 years ago, was facing bankruptcy. Players weren`t coming here. So, do things correctly, be competitive, build a strong team, and you`ll typically have a good fan base. Great weather, a great city… those are supplementary perks. But the foundation is built on hockey operations.”
Ekblad echoed this sentiment when discussing why he, Bennett, and Marchand chose to stay, as well as why players like Aleksander Barkov, Matthew Tkachuk, Sam Reinhart, Carter Verhaeghe, Anton Lundell, and Gustav Forsling are signed through 2030. From the quality of their practice facility to the hotels they use and the food provided, he said the organization maintains high standards in all aspects for them.
“So, it`s easy to want to remain here. And the winning culture is a massive draw for players. It`s the most crucial aspect. It`s why we play the game. We`ve all been taken care of exceptionally well,” Ekblad stated. “I`m not sure how many teams in the league have 10 players locked up for five years, but it`s truly remarkable. There`s a real sense of pride involved.”
There Are Always Perceived Winners and Losers
In 2019, the Florida Panthers signed Sergei Bobrovsky to a seven-year contract with an average annual value of $10 million. At the time, it was labeled the “biggest overpayment of free agency”; as recently as two years ago, it was considered one of the NHL`s worst contracts.
With two Stanley Cups, three appearances in the Final, and a rising salary cap since then, the investment in “Playoff Bob” appears considerably more justified.
This serves as a reminder that the perceived success or failure of signings and decisions made this week are merely initial impressions. It may take years for their true impact to be accurately measured beyond what are, at best, calculated risks or, at worst, acts of faith right now.
Despite that, some teams have clearly garnered better initial reactions from the first days of free agency than others. After speaking with a few NHL sources this week, the New York Rangers were consistently mentioned positively.
One current NHL player commented favorably on the signing of defenseman Vladislav Gavrikov (seven years, $7 million AAV), describing him as the best defensive defenseman available and a potential new partner for Adam Fox. Multiple sources appreciated the bridge deal for forward Will Cuylle (two years, $3.9 million) as a reasonable cap hit for a developing player, while preventing offer sheets. An NHL capologist also praised the K`Andre Miller trade to Carolina, which turned a potential offer sheet target into valuable draft picks (a first-rounder and a second-rounder) and a young defenseman (Scott Morrow), while creating cap space promptly filled by Gavrikov.
As expected, there was widespread approval for Florida`s success in retaining its three unrestricted free agents. One current NHL coach called it a “master class” by Zito, fully utilizing the rising salary cap to keep Bennett, Ekblad, and Marchand. However, another source expressed concern about how the Panthers will ultimately manage their salary cap at the start of the season, as they are currently estimated to be around $2.95 million over the limit. Options range from trading a player like Evan Rodrigues to potentially starting the season with Matthew Tkachuk on long-term injured reserve. Zito did not provide an update on Tkachuk`s status during his Tuesday press conference.
But while some teams seemed to thrive, others made a less favorable first impression. The three teams that generated the most skepticism from our sources were:
Boston Bruins: Although the Bruins completed a solid deal by securing RFA Morgan Geekie with a six-year contract worth $5.5 million annually, this positive move was overshadowed by their signing of forward Tanner Jeannot to a five-year deal with a $3.4 million average annual value. Since scoring 24 goals in the 2021-22 season for Nashville, Jeannot has scored a total of 20 goals over the subsequent three seasons with the Predators, Lightning, and Kings. One source compared this signing to Bruins GM Don Sweeney`s 2015 signing of forward Matt Beleskey to a five-year, $3.8 million AAV deal. Beleskey scored 18 goals in 143 games for the Bruins and was in the AHL by the third year of the contract.
Los Angeles Kings: New GM Ken Holland was very active on Tuesday, signing forward Joel Armia (two years, $2.5 million AAV) and Corey Perry (one year, $2 million); defensemen Brian Dumoulin (three years, $4 million AAV) and Cody Ceci (four years, $4.5 million AAV); and goalie Anton Forsberg (two years, $2.25 million AAV). These acquisitions were not met with universal approval from Kings fans. One NHL player we spoke with mentioned a similar reaction among his peers. “Everyone I`ve talked to couldn`t believe what they did,” he stated.
Vegas Golden Knights: While the acquisition of Marner was praised, some sources expressed concern regarding the team`s overall depth. This included trading bottom-six center Roy to Toronto as part of the Marner sign-and-trade. One NHL coach also questioned the defensive lineup for next season, noting the team announced that Alex Pietrangelo will be inactive due to injuries and that they traded RFA defenseman Nicolas Hague to the Predators, a player the coach considered “very underrated.”
Naturally, first impressions can change over time. Today`s risky gamble might lead to tomorrow`s Stanley Cup championship.
